The global Digital Oilfield Market size is projected to reach USD 28.5 billion by 2025 from an estimated value of USD 20.2 billion in 2020, at a CAGR of 7.1% from 2020 to 2025. New technological advancements in the digital oilfield, increased return on investment in the digital oilfield, and increased need from oil & gas operators to scale up production from mature wells are the key factors driving the digital oilfield market.
The production optimization segment is expected to be the largest segment of the digital oil field market, by process, from 2020 to 2025. Employing real-time techniques for production optimization increases the recovery of oil and reduces the non-productive time. The ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focusing on reducing the non-productive time and improve workflow efficiency with the use of digital oilfield solutions.
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The production optimization segment is expected to grow during the forecast period due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.
The onshore segment is the fastest-growing market and is projected to lead the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the Digital Oilfield Market during the forecast period.
Europe is expected to be the largest digital oilfield market
In this report, the Digital Oilfield Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest Digital Oilfield Market, by region, during the forecast period. The region has several mature fields in the North Sea, which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway share the majority of the number of reserves in the region. In the UK and Norway, oil & gas production takes place at offshore locations, whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.
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Some of the leading players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker Hughes Company (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).